Where to Sell Scrap Gold
These days, it's hard to turn on the TV, surf the Internet, or read a magazine without running into an advertisement for some company who claims they will give you top dollar for your scrap gold. But with all of these operations around, how can you know where to get a good deal? Here are some guidelines to keep from getting ripped off.
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Instructions
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Assess the gold you plan to sell. First determine the karat fineness by locating the number inscribed be on the piece; you may need to search a little and use a magnifying glass to see it. Next, measure the gram weight of the gold on a small scale such as a kitchen scale. If you only have access to a scale that measures in ounces, convert the number of ounces to grams by multiplying it by 28.35.
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Determine the current value of gold. You can often find this information in the newspaper, or on websites (see Resources below). Comparing several sources will give you the most accurate information.
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Decide how you wish to sell your gold. Finding a local dealer (check the "jewelry brokers and buyers" section of your local Yellow Pages) who will sell your gold for cash up front rather than selling to an Internet or mail-order company will help you avoid being scammed. However, selling through the mail will give you a wider range of buyers from which to choose. If selling to a company long distance, be sure to research the company on sites such as Ripoffreport or the Better Business Bureau. Look for companies with a good track record, such as Goldfellow (see review in Resources section below) and bear in mind that many, if not most, companies who advertise on the Internet or TV will not give you a good value or may scam you outright by claiming that a shipment sent to them was "lost." Companies promising an unusually high payment for your gold may be likely crooks.
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Sell your gold to the dealer who offers the best price. Expect that reputable dealers who purchase from you will pay you 10 to 20 percent less than the current value, since they will be processing it and also need to turn a profit.
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Resources
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Comments
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Joe Hylas
Aug 13, 2009
Just to clarify, precious metals are weighed in troy ounces not avoirdupoir (normal kitchen scale). One Troy ounce = 1.1 avoirdupois ounce. Hence there are 32 grams in a troy ounce. When you here the price of gold quoted, it is always in troy ounces.
